Falling metal prices, higher costs bite into Horsehead’s bottom line
May 04, 2012 | 05:29 PM
| Chris Prentice
Tags
Horsehead Holdings,
Jim Hensler,
zinc,
steel,
electric furnace dust,
Inmetco,
metallurgical coal,
coke
Chris Prentice
NEW YORK — Horsehead Holdings Corp. posted its second consecutive quarterly loss amid declining zinc and nickel prices, rising metallurgical coal costs and as non-cash charges outpaced the benefits of increased production and operating levels.
The zinc and zinc products producer reported a net loss of $8.5 million during the three months ended March 31, in contrast to net income of $14.8 million in the year-ago quarter, despite sales that inched up nearly 2 percent to $111.4 million.
The zinc and nickel prices that hurt first-quarter results are likely to move sideways for the rest of the year, but a downward correction in the coke market will "eventually" come, Horsehead president and chief executive officer Jim Hensler said.....
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